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Tax and spend

I couldn't resist the headline, for its echo of his ad campaign during his ill-fated race for governor in 1990, but I mean no knock at all on Sheffield Nelson, the former Arkla gas CEO, who told the Democrat-Gazette yesterday that he plans to act on his long-held view that the severance tax on natural gas in Arkansas (essentially non-existent now) should be increased. He says an organization will be formed to put a tax increase on the 2008 ballot. If approved, the revenues -- as much as $90 million a year if we set a rate equivalent to neighboring Oklahoma -- would be spent on higher education. He speaks with authority when he says this will have little impact on Arkansas biscuit cookers.

You go, Sheffield.

Copy and paste this to read the D-G article:

http://nwanews.com/adg/News/206455/

PS: John Brummett, who has a better memory than I (as does most of the world) reminds me:

The  last-weekend ad by Sheffield against Clinton in 1990 was a poor quality audiotape of Clinton saying 'raise and spend.' ... which, of course, were mere options Clinton was laying out academically to the Joint Budget Committee...

 

Comments

This is a much, much better idea than a lottery. We take a cut of Arkansas resources, and invest it in Arkansas' gretest resource. No crooked lottery commission, no gambling addictions. No gambling with Arkansas' future.

Hear, hear, Arch, and I might add that natural gas is a finite Arkansas resource. A few days ago, I read an article about the nearly depeted oil fields of the Texas Permian Basin. With new methods they are able to squeeze out a few more barrels, but the heyday is gone and the end is in sight. Let's not sit on our hands like fools until that happens in Arkansas natural gas fields. And don't let anyone tell you the gas companies will pick up their toys and go home if we dare to tax them sensibly. (Even if they did, so what? They'd be back in the future when other fields are depleted.)

I would really like to see a portion of such proceeds go into the most secure of reserves/funds for cleanup when the drilling stops. If any money remains once all is over and cleaned up leftover funds could go into college funds at that time. I would like to see tax breaks or no taxation at all on the gas which remains in state.. We shouldn't spend a lot of money hauling natural gas all over the planet when it's available in our backyard... just seems logical and green to me.

Good comments. All good reasons to go for it!

But watch the details! Watch for plenty of greedy, scheming little crooks plotting to wring the juice out of it.

I noted in today's paper that Beebe will be traveling to the Bahamas tomorrow for vacation.

Can we be assured that he'll be flying commercial and without expensive police escort....?

Yes, absolutely, you go, Sheffield! This is long overdue. Let's impose an increased severance tax AND (in the interest of live and let live) bring the lottery to Arkansas!

Maybe in another 20 years I'll be ready to entertain a nice thought about Sheffield Nelson. 2007 is just too early.....and who's to say that number 49 Arkansas doesn't need both an increase in the severance tax AND a lottery to help pull us out of the muck?

"Watch for plenty of greedy, scheming little crooks plotting to wring the juice out of it."

And at the front of the pack will be the weasel Sen. Bob Johnson - MY senator, and his primary characteristic is arrogance. I hold him in total contempt and he'll for certain throw his "power" into opposing this, as he's been touting for the past few months...

Go Sheffield!!!

I'm with you, DBI. If Sheffield's for it, must be to spite someone or fatten his wallet.

I'm with PVNasby and DBI on this one. I think it's a great thing to do, and should have been done a long time ago, but, you can bet your last dollar there is something in it for Sheffield otherwise he wouldn't be involved.

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